EPC项目投标报价方法及影响因素研究

我国EPC总承包商在投标报价时面临设计深度不足、施工过程不确定性大等风险,导致其投标报价的难度相较于传统承发包模式更大,为保证总承包企业在EPC项目中能够获得最佳的收益,本文在EPC总承包项目投标报价特征的基础上,分析投标报价的内容及其计算方法,并对EPC总承包项目投标报价的影响因素进行识别与阐述,最后辅以工程实例进行说明。研究结论为总承包企业在EPC项目中的投标报价起借鉴作用,进而促进我国EPC总承包模式的健康发展。     

Lumpy Investment and Corporate Tax Policy

In the presence of both convex and nonconvex capital adjustment costs in a dynamic general equilibrium model, corporate tax policy generates both intensive and extensive margin effects via the channel of marginal Q. Its impact is determined largely by the strength of the extensive margin effect, which, in turn, depends on the cross‐sectional distribution of firms. Depending on the initial distribution of firms, the economy displays asymmetric responses to tax changes. Moreover, an anticipated increase in the future investment tax credit reduces investment and adjustment rate initially.     

Stock index dynamics and derivatives pricing with stochastic interest rates

The paper analyzes the equilibrium valuation of stock index derivatives in an economy with stochastic interest rates and with a representative agent having time-additive power utility. The equilibrium short interest rate dynamics and the equilibrium term structure of interest rates are described by an affine one-factor term structure model. In equilibrium the value of the stock index is a non-trivial function of the short interest rate. The paper investigates the consequences of the induced stock index dynamics for the theoretical spreads between index forward prices and index futures prices and the consequences for the valuation of options on stock index futures.The paper was written while the author was a visiting scholar at Department of Finance, Kellogg Graduate School of Management, Northwestern University. I thank for helpful comments and suggestions from Gurdip Bakshi, Avi Bick, Menachem Brenner (the editor), Zhiwu Chen, San-Lin Chung, Mark Fisher, Andreas Höger, Marti Subrahmanyam, two anonymous referees, and participants at the Western Finance Association meeting in San Diego, the European Financial Management Association meeting in Istanbul, the European Finance Association meeting in Vienna, and the Center of Analytical Finance workshop at University of Aarhus. Financial support from the Danish Natural Science and Social Science Reasearch Councils is gratefully acknowledged.     

基于供应链视角的海产品物流质量管理研究

海产品物流质量的管理贯穿于从"渔船到餐桌"的整个供应。论文以供应链管理为指导,在物流质量管理基本原理的基础上,界定了海产品物流质量管理的内涵,构建了海产品供应链物流质量管理的模式,提出通过供应链外部质量监管体系和市场准入机制加强海产品供应链外部物流质量控制,通过HACCP质量管理体系实现海产品供应链物流质量的自我约束和内部控制。     

货币供应量统计口径演变历程及其影响

文章在介绍货币供应量统计口径调整的基本原则并回顾其在我国经历的三次调整及其原因的基础上,详细分析了目前货币供应量统计指标的组成部分及其中需注意的问题,说明了目前尚未计入M2的货币相关成分。最后,文章分析了货币供应量统计口径可能的调整对我国宏观调控和金融市场发展等方面的影响。     

Price and Volatility Transmission and Market Power in the German Fresh Pork Supply Chain

We investigate the relationship between the transmission of price volatility and market power in the German fresh pork supply chain. We use a theoretical model underpinning this relationship followed by an empirical application that uses monthly farm, slaughterhouse and retail pork price data for the period 2000–2011. We examine both the relationships of market power with price level transmission and price volatility transmission in the chain. We use a vector error correction model and least squares regressions to analyse price transmission and price volatility transmissions, respectively. Results show that retail market power limited both types of transmissions. Competition inducing policy measures coupled with measures that support price risk management initiatives of chain actors are suggested.     

保险公司偿付能力风险信息对称性与市场供求

保险公司偿付能力充足性是保险监管的内容之一,但是这一信息却往往不被投保人所获知,造成保险供给(保险公司)和保险需求(投保人)两方信息的不对称.本文以保险公司存在偿付能力风险为基本假定,以累积性预期理论和风险调整资本收益率构建保险需求和供给模型,分析在信息对称条件下和信息不对称条件下保险需求的变化及其对保险供给和保险公司...     

把城市供水安全提高到更高水平——对松花江水污染影响哈尔滨市供水的思考

受松花江水污染事件启发,分析了临沂市城区供水安全现状及存在的问题,提出多措并举,保障供水安全的措施。     

农业供水改革的问题分析与途径研究

简述我国农业水资源利用的低效率,分析了我国农业用水管理中存在的问题,提出设计节水激励机制、改善水利工程管理、完善有利于农业产业化的相应对策。